Tegna has agreed to pay $325 million for Midwest Television’s KFMB-TV suite of TV and radio stations, with Tegna President Dave Lougee saying the company has a track record as a “strategic consoldator.” Tegna will get CBS affiliate KFMB-TV, digital multicast channel KFMB-D2 (CW), as well as radio stations KFMB-AM-FM.
San Diego is market 29 in TV and 17th in radio. Tegna will pay for the stations, subject to FCC approval, with a combination of cash and an existing credit facility. The company says it expects to close the deal by the first quarter of next year. And the company may not be done buying. “[W]e will continue to evaluate additional investments and select transactions to build on our growth and success with a focus on creating shareholder value,” said Lougee.